Integrated Wealth Concepts LLC Purchases 655 Shares of Shopify Inc. (NYSE:SHOP)

Integrated Wealth Concepts LLC lifted its position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 32,078 shares of the software maker’s stock after buying an additional 655 shares during the period. Integrated Wealth Concepts LLC’s holdings in Shopify were worth $2,571,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group lifted its position in Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares during the period. Cultivar Capital Inc. bought a new position in shares of Shopify during the 2nd quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the second quarter worth $33,000. Brooklyn Investment Group purchased a new stake in Shopify during the third quarter valued at $33,000. Finally, Rosenberg Matthew Hamilton lifted its holdings in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the period. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Oppenheimer upped their price target on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Truist Financial increased their price target on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Piper Sandler boosted their price objective on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $120.00 target price on shares of Shopify in a report on Friday. Finally, Royal Bank of Canada upped their price target on Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $98.08.

Shopify Price Performance

Shares of Shopify stock opened at $118.37 on Friday. The stock has a 50 day moving average price of $91.80 and a 200-day moving average price of $75.37. Shopify Inc. has a one year low of $48.56 and a one year high of $120.72. The stock has a market cap of $152.94 billion, a price-to-earnings ratio of 110.63, a price-to-earnings-growth ratio of 2.94 and a beta of 2.46. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.